The importance of ERI data
Company news
Raw Knowledge: Your New, Trusted Data Partner – a letter from MD Preya Patel
18 November 2024
Anyone with unwrapped investments containing offshore reporting funds must report excess reportable income to HMRC.
If the ERI information is missing or recorded incorrectly, an investor can be fined up to 200% of the tax due, plus interest and potential late payment penalties.
Our solution
At Raw Knowledge, we do the heavy lifting of gathering hard-to-find, complex offshore funds data so you can secure a competitive advantage and meet your clients’ regulatory needs.
Our ERI data solution provides you with a full data set for tax reporting, including fields rarely provided on a fund manager’s original documentation such as equalisation rates, the identification of Constant NAV Funds and Tax Transparent Funds and the determination of asset allocation.
All our data is verified, structured and traceable, with an internal validation process at each stage, so you can have complete confidence that your reporting will be accurate.
Comprehensive
Our database is regularly updated and includes historical data, meaning you have access to unparalleled coverage and unbeatable accuracy.
Rigorous
On the rare occasion where we don’t have full coverage of your targeted fund universe, our dedicated team will conduct primary research to source the exact information you’re looking for.
Bespoke
Our tailored service means you can receive the data you want in the format you’ve specified.
Traceable
We provide the raw data so you can reduce your operational costs and risks with full data transparency.
Supported
Our data team is on hand to provide support and guidance for any additional requests or data queries you may have, whether online or on the phone.
Compliant
All our ERI data is provided in accordance with HMRC requirements, making reporting your clients’ tax liabilities easier.
Why Raw
Knowledge?
- Bespoke, end-to-end service
- Unparalleled coverage
- Over 10 years’ experience sourcing ERI data
- Access to source material
- Continually updated datasets
What’s included
- Excess reportable income
- Equalisation rates for all frequencies
- Distributions, including dividend and interest breakdowns
- Identification of Transparent and Constant NAV Funds
- Reporting fund status checks
- Historical fund data
- HMRC-approved currency conversions
- Original source material upon request
- Continual updates from fund managers
- Expert support and training
FAQ
Anyone with unwrapped investments containing offshore reporting funds must report excess reportable income to HMRC. According to the latest data, HMRC is clamping down on unreported offshore interests and investments with more investigations, ‘nudge letters’ and punitive penalties.
If ERI information is missing or recorded incorrectly on a tax return, an investor can be fined up to 200% of the tax due, plus interest and potential late payment penalties. However, accurate ERI information is extremely hard to find and reconcile. We make reporting ERI easier by doing the heavy lifting, so you can focus on your clients.
Unlike standard data vendors, we work specifically on your given fund universe. This means we will reach out to fund managers directly and provide the exact data relevant to you, in the format you want.
We employ a four-eye check every step of the way. From consuming the original data to transforming it into your required format, your data will go through stringent internal checks. We’re also totally transparent and can provide our source material at request.
Our turnaround time can be as quick as 24 hours, but it will depend on the volume of data you have requested and the number of tax years you need coverage for. We are efficient, without ever sacrificing accuracy.
Our delivery is flexible and can be tailored to your requirements. We’re happy to discuss different delivery methods to ensure your needs are met. Get in touch to find out what we can do for you.
Our service is tailored specifically to your needs. This means you can take all or part of a given ERI dataset and choose specific or multiple tax years, spanning from the very start of the Reporting Funds regime.
Whether it’s understanding ERI or needing extra validation on a particular figure, we provide ongoing support via our Zendesk portal. We can also set up calls or carry out training sessions to explain the data and processes, if you’d prefer.
Testimonials
Don’t just take it from us
-
We started working with Raw Knowledge after hearing of their comprehensive offshore reporting funds service. The onboarding process was flawless and overseen by Preya and the team, who were very friendly and knowledgeable. What’s great is that the service can be used for small ad hoc requests, right up to large projects, with no long term commitment. This really suits our boutique practice.
In our experience, the range of funds covered appears unrivalled and the turnaround time for requests is fantastic, with the information usually returned by e-mail the same day, often even within the same hour.
Gibson Booth Accountants
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